Brazilian investment bank BTG Pactual is to offer retail banking
services through Banco PanAmericano.
BTG Pactual has acquired Grupo Silvio Santos’s total shares
in Banco PanAmericano, gaining a 37.64% in the retail
bank.
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BTG Pactual said its stake in the retail bank would create
a fourth business segment besides its investment, asset and wealth
management business.
Banco PanAmericano, which caters for the middle market, is to
expand its product and service range through the acquisition; but
will continue to operate independently from BTG Pactual.
The acquisition is also expected to strengthen strategic ties
between BTG Pactual and the Brazil’s Federal Savings Bank,
Caixa Econômica Federal (Caixa), which holds a 36.56% in
PanAmericano’s total capital.
José Luiz Acar Pedro, a BTG Pactual partner, will become the
chief executive of PanAmericano once the acquisition is
approved.
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